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Market Update

Japan Stocks Near One-Month as Yen Weaken


Author: Hiruki Nakamura
ticker.com
Last Update: 9:59 AM ET January 27 2015

4:30 PM Tokyo – Stocks in Tokyo rebounded and the yen eased following market advance in Europe after European finance ministers showed willingness to negotiate with the newly elected Greek leader. Dai-ichi Life won the U.S. regulatory approval for the purchase of Protective Life.

Stocks in Tokyo closed higher and the yen eased following market advances in Europe after European finance ministers showed willingness to negotiate with the newly elected Greek leader.

The Nikkei 225 Stock Average climbed 299.78 or 1.7% to 17,468.52 and the broader Topix index jumped 24.30 to 1,426.38.

The yen dropped to close at 117.14 against one dollar.

Stocks in Review

Cawachi Ltd gained 0.7% to 1,800 yen after the drugstore retailer said net sales in the nine-month ending in December jumped 9.6% to 196.47 billion yen from 179.20 billion yen a year ago period.

Net in the period swung to a loss of 4.89 billion compared to profit of 3.32 billion yen and loss per share swung to a 211.73 yen from earnings per share of 143.63 yen in the same period a year ago.

Dai-ichi Life Insurance Co Ltd gained 1.3% to 1,656.50 yen after the life insurance company and the U.S.-based Protective Life Corp received regulatory merger approvals from the authorities in the United States and Japan.

The merger is expected to close on Feb 1.

NTT Docomo Inc edged up a fraction to 1,978 yen after the Nikkei news reported operating profit for the nine-month ending in December of mobile phone service provider is expected to fall 19% to 560 billion yen.

The company’s operating profit for the third-quarter may tumble 30% after 16% drop in the previous quarter.

Sumitomo Mitsui Financial Group, Inc climbed 3% to 4,170 yen after the banking and investment group reported net revenues in the nine-month ending in December rose 1.1% to 3.56 trillion yen from 3.52 trillion yen a year ago period.

Net income in the quarter dropped 3.2% to 682.22 billion yen compared to 704.70 billion yen and diluted earnings per share fell to 498.68 yen from 515.70 yen in the same period a year ago.

The company forecasted net income for the year to decline 16.2% to 700 billion yen from the previous fiscal year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc